The present invention relates to an automated teller machine (SST), such as an automated teller machine (ATM). In particular, the invention relates to an SST for cashing checks, such as a check cashing ATM.
A check cashing ATM allows a registered user, who typically does not have a bank account, to cash a check and receive money from the ATM in a public access, unattended environment. A user typically registers with an institution that owns or operates check cashing ATMs, and provides identification information (such as a social security number) and information about a check (usually a pay check) that he/she regularly receives. The registered user is typically provided with a card to initiate a check cashing transaction at a check cashing ATM.
The check information typically includes details of how frequently a check is paid (for example, every week), who the check is paid by (that is, the payor of the check), the payor's bank details (for example, a bank code identifying the name of the bank), the typical amount that the check is made out for, and such like.
To cash a check, a user enters his/her card at a check cashing ATM, then enters a check to be cashed through a check slot in the ATM'S fascia. The ATM draws in and processes this check. If the check is valid, and the details printed on the check match the check information provided during registration, then the ATM informs the user of a surcharge that will be applied if the user wishes to cash the check.
If the user agrees to the surcharge then cash is dispensed to the user and the check is stored within the ATM. If the user does not agree to the surcharge then the check is returned to the user via the check slot.
The check may be returned to the user for other reasons, for example, if the check is not complete, if the check has not been endorsed by the user, if the ATM decides that the details printed on the check do not match the check information provided by the user during registration, and such like.
On other embodiments checks can be cashed or merely deposited in a user's account without the aforementioned logging of regular checks.
One problem associated with check cashing ATMs relates to fraud and a further to tracing individual checks to users (who have accounts).
If a user can be persuaded that an invalid check, if deposited at an ATM, can be traced back to them, especially if that trace in incontrovertible then it is believed that fraud at deposit ATMs would be reduced. However, the problem of how to achieve this is as yet not entirely satisfactorily solved, despite the proliferation of security means available to the financial services industry.